This report is based on synthesis, analysis, and interpretation of information gathered from various sources regarding the target market. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts, with the primary objective being to provide a holistic view of the target market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as current impact, in order to make informed forecasts about the scenarios in the near and distant future.

Introduction:

Indoor farming refers to cultivation of crops or plants in an indoor facility. Indoor farming is being used to encourage local production of crops in cities and also to deliver fresh produce in city areas where plots of land are not readily available for cultivation and farming. Combination of both hydroponics and artificial lighting is used in indoor farming technology in order to provide the plants with the necessary nutrients that they would have received if grown outdoor. In indoor farming technology, factors such as nutrition levels, and moisture levels, light amount are controlled and managed by the farmers or the cultivator and the cultivators get a wide range of options as to choose what to grow.

Dynamics:

There are some of the major challenges in the traditional process of food production such as declining access to arable land and fresh water, unsustainability of traditional farming approaches, and unfavorable climate changes. Regardless of these challenges, there is an increasing and continuous demand for food production to satisfy growing global population. Indoor farming technology overcomes such challenges, which has been a major factor in driving demand for indoor farming methods, leading to growth of the global market. Advantages of indoor farming methods such as decreasing use of toxic chemicals used as pesticides, reduction in water usage, increasing yield of production, protection from climate changes are some driving factors for growth of the global indoor farming technology market. In addition, increasing demand for fresh and organic food, coupled with growing health conscious population, is also expected to drive the global market growth over the forecast period.

High initial cost for indoor farming technology is a major challenge and is expected to produce yield at a higher cost, which may restrain growth of the global indoor farming technology market over the forecast period.

Increasing adoption of innovative and new techniques such as automation techniques, HVAC equipment, climate control systems, LED, in indoor farming industry are expected to create revenue opportunities for the players, presence in the global market over the forecast period.

Analysis by Region:

Europe market accounts for maximum revenue share of the global indoor farming technology market, owing to challenges faced in traditional farming methods especially weather challenges that hinder the crop production. In addition, presence of prominent such as Philips Lighting, Richel Group, Agrilution, etc. are expected to drive growth of the indoor farming technology market in the region. Asia Pacific market is expected to register highest CAGR growth over the forecast period, owing to increasing demand for production of food to satisfy the exponentially growing population in the developing economies such as China, India, etc.

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